Developer wins appeal against NAMA

PROPERTY investor Paddy McKillen and his companies have won their Supreme Court appeal aimed at preventing the National Assets Management Agency acquiring their €2.1 billion loans.

The seven-judge court yesterday unanimously allowed the appeal after finding NAMA had never at any stage made any legally valid decision to acquire the loans.

As a result of the judgment, it appears, if NAMA still wants to acquire the McKillen loans, it will have to make a formal decision to that effect and start the process again.